Dubai's VARA Fines, Issues Cease-and-Desist Orders Against 7 Crypto Entities
Summary
Dubai's Virtual Assets Regulatory Authority (VARA) fined seven entities for operating without licenses and breaching marketing regulations. Cease-and-desist orders were issued, with fines ranging from 50,000 to 100,000 dirhams. The entities' names remain undisclosed as investigations continue with local authorities. This regulatory action is notable in a region positioning itself as a global crypto hub. Dubai recently granted full regulatory approvals to exchanges like OKX, Binance, and Crypto.com. The UAE has also exempted crypto transactions from VAT, signaling a supportive stance towards the crypto industry.
